RadNet (NASDAQ:RDNT) Stock Price Up 7.4% – Time to Buy?

RadNet, Inc. (NASDAQ:RDNT) shot up 7.4% during trading on Wednesday . The company traded as high as $64.32 and last traded at $64.67. 624,493 shares changed hands during mid-day trading, a decline of 21% from the average session volume of 789,691 shares. The stock had previously closed at $60.19.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Truist Financial reaffirmed a “buy” rating and issued a $88.00 target price (down from $94.00) on shares of RadNet in a report on Wednesday. Jefferies Financial Group decreased their price objective on RadNet from $100.00 to $80.00 and set a “buy” rating for the company in a research report on Wednesday, January 15th. Barclays cut their price target on RadNet from $85.00 to $74.00 and set an “overweight” rating for the company in a research note on Wednesday. Finally, Sidoti raised shares of RadNet to a “strong-buy” rating in a research note on Friday, October 4th. One research analyst has rated the stock with a sell rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $75.50.

RadNet Price Performance

The company has a debt-to-equity ratio of 0.89, a current ratio of 2.16 and a quick ratio of 2.16. The company has a 50-day simple moving average of $75.23 and a 200-day simple moving average of $68.63. The stock has a market cap of $4.72 billion, a PE ratio of -910.31 and a beta of 1.79.

Insider Activity

In other news, EVP David Jeffrey Katz sold 12,300 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $81.65, for a total value of $1,004,295.00. Following the sale, the executive vice president now directly owns 62,909 shares in the company, valued at $5,136,519.85. This represents a 16.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Ranjan Jayanathan sold 38,557 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $80.00, for a total transaction of $3,084,560.00. Following the transaction, the insider now directly owns 192,724 shares of the company’s stock, valued at approximately $15,417,920. This trade represents a 16.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 5.12% of the company’s stock.

Institutional Investors Weigh In On RadNet

A number of large investors have recently bought and sold shares of the stock. Covestor Ltd lifted its position in shares of RadNet by 10,875.0% in the third quarter. Covestor Ltd now owns 439 shares of the medical research company’s stock valued at $30,000 after acquiring an additional 435 shares in the last quarter. USA Financial Formulas acquired a new stake in shares of RadNet during the 4th quarter worth about $30,000. Fifth Third Bancorp raised its position in shares of RadNet by 84.3% in the fourth quarter. Fifth Third Bancorp now owns 667 shares of the medical research company’s stock valued at $47,000 after buying an additional 305 shares during the last quarter. Highline Wealth Partners LLC purchased a new position in shares of RadNet during the third quarter valued at approximately $68,000. Finally, Peterson Financial Group Inc. acquired a new stake in RadNet during the third quarter worth approximately $90,000. Institutional investors and hedge funds own 77.90% of the company’s stock.

About RadNet

RadNet, Inc, together with its subsidiaries, provides outpatient diagnostic imaging services in the United States. The company operates in two segments: Imaging Centers and Artificial Intelligence. Its services include magnetic resonance imaging, computed tomography, positron emission tomography, nuclear medicine, mammography, ultrasound, diagnostic radiology, fluoroscopy, and other related procedures, as well as multi-modality imaging services.